It is well established that financial literacy is a key component of financial independence. The more you know and understand about finance, the better equipped you are to make important decisions. Historically, women have had lower financial literacy scores than men for many reasons, including social norms, a lack of access to resources, and needing to focus on other issues. That said, women are living longer than men and studies… Read more
It’s no secret the costs of running a business are rising. If you’ve been absorbing inflation from your suppliers without considering what you’re charging for your own products and services, it could be time to consider a price rise. When is the right time for a price increase? To determine if the time is right to increase your prices, ask yourself these questions: Are you struggling to keep up with… Read more
When you start a small business, it’s usually only you behind the whole operation. You wear many hats, from CEO to clean-up crew. As you pour your heart and soul into your business and it begins to grow, the amount of work involved grows with it. Because a small business is so focused on survival, you pay a lot of attention to the bottom line. This makes a lot of… Read more
It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend… Read more
If you’re not sure how to manage payroll effectively, you’re not alone. Many business owners and HR managers are unsure of the best ways to execute their payroll processes. It’s especially challenging, since payroll rules are always being updated. If you’re looking to maximize the efficiency of your payroll process, use these five tips. 1. Stay Organized Organization is essential when you’re hoping to maximize your payroll efficiency. When your… Read more
“Financial independence for women can be viewed from two vantage points, a homemaker and a woman with a professional career.” This March, as we commemorate International Women’s Day and celebrate how women are making strides in diverse fields, there is also a need to underline the need to prioritize their financial independence and security. With changing times, gender roles have expanded with most Women found in leading roles as well.… Read more
Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services. The key to benefitting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to… Read more
Follow these tips to make your customers want to return to your store. It’s incredibly difficult to earn a sale from a customer. Depending on the industry you’re in and the price point of your products, it could take weeks or months to encourage a customer to do business with your brand. Even if you’re in the retail industry where impulse buys are the norm, the first purchase is always… Read more
If you’re looking to grow your business, you might consider expanding your service offerings. Adding additional services is a good way to increase your profitability, diversify your income and expand your market. But there are important things to consider before adding to your income streams. Here are 4 important things to keep in mind when you consider adding to your services. 1. Does the expansion complement your business? The best… Read more
If this year has taught us anything, it’s that financial setbacks or stress can happen, even with the best laid plans and intentions. We can’t always predict certain life events, such as a marriage breakdown, job loss, ill health or personal injury, which can all quickly derail your financial goals or leave you struggling. It can be hard not to feel overwhelmed when the bills continue to come in and… Read more
Get your invoicing right Invoicing is part of good cash flow management. Once you’ve delivered a product or service, don’t wait to invoice. That can hurt your cash flow and your business. You should get into the habit of sending invoices for payment quickly. Consider sending invoices immediately, or on a daily basis, depending on the nature of your work. If you are providing a service, think about asking for… Read more
In some very welcome news for business owners, the New South Wales and Commonwealth governments have announced a new support package for businesses impacted by the current Greater Sydney lockdown. Faced with the uncertainty of shifting restrictions, this is an incredibly challenging time for small business owners. And these latest measures intend to ease some of the financial and emotional pressures that can snowball while lockdowns are in place. To help you… Read more
If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep… Read more
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering… Read more
At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right? Well, lots actually. Below are the reasons why… Read more